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Side-by-side financial comparison of MarketAxess (MKTX) and PagerDuty, Inc. (PD). Click either name above to swap in a different company.
MarketAxess is the larger business by last-quarter revenue ($209.4M vs $124.5M, roughly 1.7× PagerDuty, Inc.). PagerDuty, Inc. runs the higher net margin — 129.7% vs 44.0%, a 85.7% gap on every dollar of revenue. On growth, PagerDuty, Inc. posted the faster year-over-year revenue change (4.7% vs 3.5%). MarketAxess produced more free cash flow last quarter ($373.9M vs $24.1M). Over the past eight quarters, PagerDuty, Inc.'s revenue compounded faster (5.9% CAGR vs -0.2%).
MarketAxess Holdings Inc. is an international financial technology company that operates an electronic trading platform for the institutional credit markets, and also provides market data and post-trade services. It enables institutional investors and broker-dealers to trade credit instruments, including corporate bonds, and other types of fixed income products.
PagerDuty, Inc. is an American cloud computing company specializing in a SaaS incident management platform for IT operations departments.
MKTX vs PD — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $209.4M | $124.5M |
| Net Profit | $92.2M | $161.6M |
| Gross Margin | — | 85.3% |
| Operating Margin | 36.3% | 6.5% |
| Net Margin | 44.0% | 129.7% |
| Revenue YoY | 3.5% | 4.7% |
| Net Profit YoY | 41.6% | 2827.7% |
| EPS (diluted) | $2.49 | $1.69 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $209.4M | $124.5M | ||
| Q3 25 | $208.8M | $123.4M | ||
| Q2 25 | $219.5M | $119.8M | ||
| Q1 25 | $208.6M | $121.4M | ||
| Q4 24 | $202.4M | $118.9M | ||
| Q3 24 | $206.7M | $115.9M | ||
| Q2 24 | $197.7M | $111.2M | ||
| Q1 24 | $210.3M | $111.1M |
| Q4 25 | $92.2M | $161.6M | ||
| Q3 25 | $68.2M | $9.6M | ||
| Q2 25 | $71.1M | $-7.2M | ||
| Q1 25 | $15.1M | $-8.8M | ||
| Q4 24 | $65.1M | $-5.9M | ||
| Q3 24 | $71.5M | $-10.9M | ||
| Q2 24 | $64.9M | $-17.1M | ||
| Q1 24 | $72.6M | $-28.2M |
| Q4 25 | — | 85.3% | ||
| Q3 25 | — | 84.6% | ||
| Q2 25 | — | 84.0% | ||
| Q1 25 | — | 83.6% | ||
| Q4 24 | — | 83.0% | ||
| Q3 24 | — | 82.7% | ||
| Q2 24 | — | 82.6% | ||
| Q1 24 | — | 81.7% |
| Q4 25 | 36.3% | 6.5% | ||
| Q3 25 | 41.0% | 2.9% | ||
| Q2 25 | 41.9% | -8.6% | ||
| Q1 25 | 42.4% | -9.6% | ||
| Q4 24 | 39.5% | -8.7% | ||
| Q3 24 | 42.1% | -13.8% | ||
| Q2 24 | 41.2% | -19.5% | ||
| Q1 24 | 44.0% | -30.1% |
| Q4 25 | 44.0% | 129.7% | ||
| Q3 25 | 32.6% | 7.8% | ||
| Q2 25 | 32.4% | -6.0% | ||
| Q1 25 | 7.2% | -7.2% | ||
| Q4 24 | 32.2% | -5.0% | ||
| Q3 24 | 34.6% | -9.4% | ||
| Q2 24 | 32.9% | -15.4% | ||
| Q1 24 | 34.5% | -25.3% |
| Q4 25 | $2.49 | $1.69 | ||
| Q3 25 | $1.84 | $0.10 | ||
| Q2 25 | $1.91 | $-0.07 | ||
| Q1 25 | $0.40 | $-0.12 | ||
| Q4 24 | $1.74 | $-0.07 | ||
| Q3 24 | $1.90 | $-0.14 | ||
| Q2 24 | $1.72 | $-0.26 | ||
| Q1 24 | $1.92 | $-0.34 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $519.7M | $547.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $320.5M |
| Total Assets | $1.9B | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $519.7M | $547.8M | ||
| Q3 25 | $473.3M | $567.9M | ||
| Q2 25 | $462.8M | $597.1M | ||
| Q1 25 | $486.2M | $570.8M | ||
| Q4 24 | $544.5M | $542.2M | ||
| Q3 24 | $446.3M | $599.3M | ||
| Q2 24 | $434.1M | $592.8M | ||
| Q1 24 | $376.7M | $571.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $484.5M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $489.5M |
| Q4 25 | $1.1B | $320.5M | ||
| Q3 25 | $1.4B | $180.7M | ||
| Q2 25 | $1.4B | $145.7M | ||
| Q1 25 | $1.3B | $129.8M | ||
| Q4 24 | $1.4B | $111.6M | ||
| Q3 24 | $1.4B | $164.7M | ||
| Q2 24 | $1.3B | $174.0M | ||
| Q1 24 | $1.3B | $171.6M |
| Q4 25 | $1.9B | $1.0B | ||
| Q3 25 | $2.0B | $891.5M | ||
| Q2 25 | $2.0B | $926.8M | ||
| Q1 25 | $1.9B | $927.3M | ||
| Q4 24 | $1.8B | $866.8M | ||
| Q3 24 | $1.8B | $916.0M | ||
| Q2 24 | $1.9B | $924.0M | ||
| Q1 24 | $1.9B | $925.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.73× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 2.85× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $382.1M | $24.8M |
| Free Cash FlowOCF − Capex | $373.9M | $24.1M |
| FCF MarginFCF / Revenue | 178.6% | 19.3% |
| Capex IntensityCapex / Revenue | 3.9% | 0.6% |
| Cash ConversionOCF / Net Profit | 4.14× | 0.15× |
| TTM Free Cash FlowTrailing 4 quarters | $592.8M | $117.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $382.1M | $24.8M | ||
| Q3 25 | $90.2M | $34.0M | ||
| Q2 25 | $103.7M | $30.7M | ||
| Q1 25 | $29.6M | $31.4M | ||
| Q4 24 | $385.2M | $22.1M | ||
| Q3 24 | $95.1M | $35.8M | ||
| Q2 24 | $118.8M | $28.6M | ||
| Q1 24 | $-4.9M | $22.2M |
| Q4 25 | $373.9M | $24.1M | ||
| Q3 25 | $88.7M | $33.1M | ||
| Q2 25 | $102.5M | $30.2M | ||
| Q1 25 | $27.7M | $30.3M | ||
| Q4 24 | $375.3M | $21.5M | ||
| Q3 24 | $94.3M | $35.1M | ||
| Q2 24 | $111.2M | $28.2M | ||
| Q1 24 | $-6.1M | $21.2M |
| Q4 25 | 178.6% | 19.3% | ||
| Q3 25 | 42.5% | 26.8% | ||
| Q2 25 | 46.7% | 25.2% | ||
| Q1 25 | 13.3% | 24.9% | ||
| Q4 24 | 185.4% | 18.1% | ||
| Q3 24 | 45.6% | 30.3% | ||
| Q2 24 | 56.2% | 25.4% | ||
| Q1 24 | -2.9% | 19.1% |
| Q4 25 | 3.9% | 0.6% | ||
| Q3 25 | 0.7% | 0.7% | ||
| Q2 25 | 0.5% | 0.4% | ||
| Q1 25 | 0.9% | 0.9% | ||
| Q4 24 | 4.9% | 0.5% | ||
| Q3 24 | 0.4% | 0.5% | ||
| Q2 24 | 3.9% | 0.4% | ||
| Q1 24 | 0.6% | 0.9% |
| Q4 25 | 4.14× | 0.15× | ||
| Q3 25 | 1.32× | 3.55× | ||
| Q2 25 | 1.46× | — | ||
| Q1 25 | 1.97× | — | ||
| Q4 24 | 5.91× | — | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | 1.83× | — | ||
| Q1 24 | -0.07× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MKTX
| Commission Revenue | $181.3M | 87% |
| Information Services | $13.5M | 6% |
| Post Trade Services | $11.0M | 5% |
| Technology Services | $3.6M | 2% |
PD
| US | $88.8M | 71% |
| Non Us | $35.7M | 29% |
